SAS PROVINS : revenue, balance sheet and financial ratios

In 2024, SAS PROVINS achieves revenue of 439 k€. Revenue is growing positively over 9 years (CAGR: +1.2%). Significant drop of -15% vs 2023. After deducting consumption (-17 k€), gross margin stands at 456 k€, i.e. a rate of 104%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 112 k€, representing 25.5% of revenue. Positive scissor effect: EBITDA margin improves by +70.8 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 54 k€, i.e. 12.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 11%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 85%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 21.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 1687.07. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 50.9x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 476 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 51 days. The gap of 425 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 102 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 819 days of revenue, i.e. 999 k€ to permanently finance. Notable WCR improvement over the period (-22%), freeing up cash.

Based on 103 transactions of similar company sales in 2024, the value of SAS PROVINS is estimated at 434 112 € (range 107 387€ - 842 561€). With an EBITDA of 112 129€, the sector multiple of 5.0x is applied. The price/revenue ratio is 0.38x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.